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> Given that this protocol is Coinbase sponsored, you can be sure that the whole KYC/AML bullshit is going to be applied to every transaction. Unfortunately (o

> Given that this protocol is Coinbase sponsored, you can be sure that the whole KYC/AML bullshit is going to be applied to every transaction. Unfortunately (or fortunately, depending on perspective), this is the law basically everywhere where people have money. Like, you can avoid KYC/AML checks by using small operators, but as they get larger they'll have to introduce them or be regulated out of existence. If you really hate this (which is a valid position that I mostly don't share) then you should either run for elected office or sponsor/help other people to do this, as that's the only way to change the law. Fundamentally, as the internet ends up mapping to just society, it will be a reflection of society, much of which is driven by government regulation.

egorfine 1y ago
Fortunately crypto exists. Fortunately, it is perfectly usable in real world while avoiding most of the KYC/AML crap.
- disgruntledphd2 1y ago
  Honestly, probably not for long. Like, basically any Western headquartered crypto company will have (at least in theory) KYC/AML checks. And I'm not sure how you plan to get your crypto into fiat without hitting a bank/financial institution which will have these checks. Like, this is part of society (for some good and some bad reasons, like a lot of other things).
  - egorfine 1y ago
    This is one of the US political instruments, and not part of the society. Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money.
    - disgruntledphd2 1y ago
      > This is one of the US political instruments, and not part of the society. Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money. I wish you the very best of luck in colonising mars, as this is basically the only way you'll avoid KYC/AML in the long-term. More seriously, I'd probably start making provisions for taxation of your crypto as it would really suck to have that happen unexpectedly (and it will, as governments start forcing financial/crypto institutions to report to them). > Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money. As an aside, money is relatively recent, debt is the thing that's existed for much longer. And unfortunately, society determines what is important, and apparently society (well actually the US government) has decided that KYC etc matters to society.
      - egorfine 1y ago
        > colonising mars, as this is basically the only way you'll avoid KYC/AML Not really. As it is customary with financial law, it only exists to make hard working people suffer, while leaving all the ways for criminal enterprises to continue business. Being Ukrainian person I can tell you with confidence that legalizing personal 1000 USDT made on a freelance job is harder than laundering $1m made by corruption by government officials. Also, KYC/AML is not binary, it's a scale. I have no problem KYCing at my local Polish bank and sending my crypto transactions to my bank account and they are fine with it as well as long as they know who I am. > in the long-term. True. Operating a legitimate (!) clear business, say, in Singapore remotely from Ukraine was a routine thing like ten years ago and became almost impossible in 2020s - specifically due to American regulatory pressure. Again, we're talking about lawful businesses. Criminal enterprises have no problems opening bank accounts anywhere they want. > (well actually the US government) has decided that KYC etc matters to ...American political interests. KYC/AML is detrimental to economic growth and harmful to the society as been demonstrated time and again.
        disgruntledphd2 1y ago
        > True. Operating a legitimate (!) clear business, say, in Singapore remotely from Ukraine was a routine thing like ten years ago and became almost impossible in 2020s - specifically due to American regulatory pressure. Again, we're talking about lawful businesses. Criminal enterprises have no problems opening bank accounts anywhere they want. Can you give me some more details on this? My understanding was that only the sanctioned parts of Ukraine were impacted by recent changes, but perhaps I'm wrong.

egorfine 1y ago

Fortunately crypto exists. Fortunately, it is perfectly usable in real world while avoiding most of the KYC/AML crap.

disgruntledphd2 1y ago
Honestly, probably not for long. Like, basically any Western headquartered crypto company will have (at least in theory) KYC/AML checks. And I'm not sure how you plan to get your crypto into fiat without hitting a bank/financial institution which will have these checks. Like, this is part of society (for some good and some bad reasons, like a lot of other things).
- egorfine 1y ago
  This is one of the US political instruments, and not part of the society. Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money.
  - disgruntledphd2 1y ago
    > This is one of the US political instruments, and not part of the society. Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money. I wish you the very best of luck in colonising mars, as this is basically the only way you'll avoid KYC/AML in the long-term. More seriously, I'd probably start making provisions for taxation of your crypto as it would really suck to have that happen unexpectedly (and it will, as governments start forcing financial/crypto institutions to report to them). > Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money. As an aside, money is relatively recent, debt is the thing that's existed for much longer. And unfortunately, society determines what is important, and apparently society (well actually the US government) has decided that KYC etc matters to society.
    - egorfine 1y ago
      > colonising mars, as this is basically the only way you'll avoid KYC/AML Not really. As it is customary with financial law, it only exists to make hard working people suffer, while leaving all the ways for criminal enterprises to continue business. Being Ukrainian person I can tell you with confidence that legalizing personal 1000 USDT made on a freelance job is harder than laundering $1m made by corruption by government officials. Also, KYC/AML is not binary, it's a scale. I have no problem KYCing at my local Polish bank and sending my crypto transactions to my bank account and they are fine with it as well as long as they know who I am. > in the long-term. True. Operating a legitimate (!) clear business, say, in Singapore remotely from Ukraine was a routine thing like ten years ago and became almost impossible in 2020s - specifically due to American regulatory pressure. Again, we're talking about lawful businesses. Criminal enterprises have no problems opening bank accounts anywhere they want. > (well actually the US government) has decided that KYC etc matters to ...American political interests. KYC/AML is detrimental to economic growth and harmful to the society as been demonstrated time and again.
      - disgruntledphd2 1y ago
        > True. Operating a legitimate (!) clear business, say, in Singapore remotely from Ukraine was a routine thing like ten years ago and became almost impossible in 2020s - specifically due to American regulatory pressure. Again, we're talking about lawful businesses. Criminal enterprises have no problems opening bank accounts anywhere they want. Can you give me some more details on this? My understanding was that only the sanctioned parts of Ukraine were impacted by recent changes, but perhaps I'm wrong.